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Home / Finance / Akrom Sultanov: "After the recent collapse on...

Akrom Sultanov: "After the recent collapse on world stock exchanges, Uzbekistan can serve as a "safe haven" for many investors"

It is naive to believe that all investors who have free cash as a "safe haven" will prefer Uzbekistan. But why not? The deputy head of the State Statistics Committee, Akrom Sultanov, thinks:

Recently, there was a large-scale collapse on world stock exchanges. According to some media reports, on February 5 the richest people of the world, on the background of what happened, said goodbye with 114 billion dollars, and investors began actively withdrawing their money, selling shares, which only exacerbated the situation.

And although experts and analysts believe that no next global financial and economic crisis is foreseen, certain conclusions can be drawn. One of them is that serious investors, except, perhaps, those who are accustomed to playing on stock exchange rates, will carefully study the investment risks in order to direct their funds to a more "safe haven".

Of course, it is naive to believe that as a harbor all investors who have free cash will prefer Uzbekistan. But why not? With the change of political leadership in the country, major changes are taking place, including in investment policy aimed at creating a favorable business environment for foreign investors and effective use of funds raised from abroad. And here political and social stability, a strong legislative base for the protection of private property and competition, a significant economic potential, rich mineral and raw materials resources and relatively low energy prices, the availability of skilled and relatively inexpensive labor resources are important factors.

Among the most significant measures taken in Uzbekistan is the liberalization of monetary policy.
According to the Central Bank, from September to December of last year, the volume of foreign currency purchases by business entities for the repatriation of foreign investors' income amounted to $ 88 million.

Development and adoption of the Investment Code are envisaged. Speaking to the parliament, the President proposed opening a special investment portal on the Internet, so that potential investors, including foreign investors, could get acquainted with the statistical data of interest to them and with the business climate in Uzbekistan. Also for investors, it is necessary to create a free 24-hour mobile phone connection. The head of state suggested to everyone to think about the system of stimulating foreign investors, so that they did not hurry to withdraw their capital and sought to reinvestment.

Enhancing work to improve the investment climate in the country and increasing the attractiveness of Uzbekistan in the eyes of foreign business has already yielded positive results. The trend of a decrease in the inflow of foreign investment is changing dramatically, which from 2011 to 2016 declined from 3.3 billion to
1.9 billion dollars.

According to the State Statistics Committee, in 2017 of the total investment in the main capital of 60.7 trillion soums due to foreign investments and credits 16.3 trillion soums, or 26.9 percent, were mastered. And if in January-September the growth rate on them decreased, then at the end of the year it increased sharply. In general, the provided conditions for foreign capital led to an increase in the volume of foreign investment in 2017 relative to 2010, almost 3.8 times.

Statistics on enterprises with financing from other countries are of interest. At the beginning of this year, in Uzbekistan 5517 such enterprises, including 3,087 joint ventures and 2,430 foreign ones operated. At the same time, 863 enterprises with the participation of foreign capital were established in 2017.

If to say, in which areas interest is shown from abroad, then the largest number of enterprises with foreign capital participation operates in industry - 2438, or 44.2 percent. 19.1 percent of such objects are accounted for by trade.

In the context of regions, the bulk of enterprises with foreign capital participation is concentrated in Tashkent - 65.7 percent, and also in Tashkent and Samarkand regions - 10.6 and 5.1 percent respectively. The smallest - from 0.9 to 1.1 percent to Khorezm, Kashkadarya, Surkhandarya and Navoi regions. This shows how important it is to step up work on finding foreign partners and attracting foreign investments outside the capital.

It should be noted that in each region there is a significant investment potential, which the head of state constantly reminds during trips to the republic. For example, almost everywhere there are opportunities not only to grow, but also to process agricultural products, including export, attracting foreign investors. In many regions, it is possible to attract foreign investors to the development and development of mineral deposits and the construction of enterprises for their processing, for example, in building materials. And finally, such an important and profitable sphere, as tourism, has a big potential. Huge opportunities for investors are provided, in particular, by the President's recent decisions on measures to develop inbound tourism, as well as ensuring the accelerated development of domestic tourism. The solution of the tasks outlined in these documents largely depends on the creation of the corresponding tourist infrastructure. It is only necessary to show more initiative and enterprise on the ground, actively search for business partners from different countries, offering them promising investment projects for the construction of the same hotels, campsites, motels, theme parks, recreation areas.

Successful development of any state largely depends on the level of attraction and efficiency of using foreign investments for financing projects in both the economy and the social sphere. It is important to do everything possible so that investors abroad know and were confident that investing in Uzbekistan is profitable, profitable and safe.

Based on the materials of "Narodnoye Slovo" newspaper
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